$4 Million for Construction of 15 Duplexes in Queens

Brad Domenico of Progress Capital arranged a $4,000,000 loan for the construction of 15 two-family homes on multiple vacant lots in the upper middle class neighborhood of Whitestone. The borrower will have immediate access to $2,000,000 based on the current land value with approvals. Upon the framing of 6 duplexes, the Borrower will be entitled to draw against the remaining $2,000,000 for completion of the project. It was important to the Borrower to have release provisions in the event he decided to sell any of the homes upon completion.  The Bank was flexible in working through this request. Additional terms of this deal include:

• Non-Revolving Construction Line of Credit
• WSJ Prime +1% with a floor of 4.50%
• 24 Month Term
• Interest Only
• Releases provided for sale of homes during loan term
• No Exit or Prepayment Penalties

Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress